Crypto Garage Launches Yen-Pegged Stablecoin With Blockstream in Japan
Blockstream and Digital Garage officially launch Crypto Garage, a joint venture bringing blockchain financial services to Japan's institutional market. The new partnership debuts with a regulatory-approved Yen stablecoin built on Blockstream's Liquid Network.
Blockstream and Digital Garage launch Crypto Garage, a joint venture focused on bringing Bitcoin and blockchain financial services to Japan's institutional market. The new company also includes Tokyo Tanshi, a century-old financial brokerage firm, and aims to capitalize on Japan's status as a highly crypto-friendly market despite last year's global downturn in cryptocurrency values.
Crypto Garage introduces SETTLENET as its first product, a platform built on Blockstream's Liquid Network that prioritizes speed and security for exchanges and brokers. The platform earns clearance from the Japanese Financial Services Agency and initially launches as a stablecoin pegged to the Japanese Yen, allowing traders to exchange the digital currency for Bitcoin using atomic swaps.
The partnership involves deeper financial ties, as existing Blockstream investor Digital Garage injects an additional $10 million into the blockchain startup. This latest funding round brings Blockstream's total raised capital to approximately $90 million, further solidifying the relationship between the companies as they build out institutional crypto infrastructure in Japan.